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A Deeper Look

NYS 2018-2019 Budget Bill Highlights

April 23, 2018

On March 31, 2018, Governor Cuomo signed the New York State (“NYS”) Fiscal Year 2018-2019 Budget Bill (“Bill”). Some of the changes were in direct response to the Federal Tax Cuts and Jobs Act (“TCJA”) while others were not. Discussed below are the major highlights of the Bill. Federal TCJA Responses: Contributions to Charitable Trust Funds Beginning on or after January 1, 2019, individual taxpayers will be allowed an income tax credit equal to 85% of any donation made to certain state-operated charitable funds for the tax year following the year in which the donation is made. The charitable funds include the […]

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State and Local Tax Update February 2018

February 22, 2018

Below, please find a summary of recent Connecticut, New Jersey, New York and Pennsylvania law changes that include some new provisions, an extension of some old ones and reactions, if any, to the most recent federal tax law changes.  1. State of Connecticut Update Personal Income Tax The 100% tax exemption for Social Security benefits for single filers and married people filing separately with federal adjusted gross incomes (AGI) of less than $75,000 (currently $50,000) and joint filers and heads of household with federal AGIs of less than $100,000 (currently $60,000) has been delayed to taxable years beginning January 1, […]

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2017 Tax Legislation Q&A: Tax Cuts & Jobs Act

February 20, 2018
The 2017 Tax Cuts & Jobs Act provides for the most significant changes to  the Internal Revenue Code in decades that will affect almost every taxpayer. At the same time, it presents challenges in its interpretation and implementation, having been enacted only ten days before most of its changes took effect after a very short legislative process. While many of its provisions are straightforward, there are several areas that are marked by  ambiguity and which will require technical guidance from the Treasury Department. This guide is an overview of the most significant topics in question-and-answer format. As the aforementioned technical... More [+]

Comparing the New York City Unincorporated Business Tax & General Corporation Tax

February 5, 2018

Most businesses operating in New York City in the form of pass-through entities for federal tax purposes—such as partnerships, limited liability companies, S corporations, and sole proprietorships—will be subject to an entity-level tax: either the Unincorporated Business Tax (UBT) or the General Corporation Tax (GCT). Although federal and state income tax considerations will usually be the driving forces behind the choice of entity, it’s important for practitioners and their clients to be aware of the differences between the two tax systems and how they impact the business’s tax liability. The GCT is imposed on only S corporations at a rate […]

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2017 Tax Reform: Tax Planning & Practice Guide Highlights of the Tax Cuts and Jobs Act (12/2017)

December 28, 2017

On December 22, President Trump signed the new tax law titled, “An Act to provide for reconciliation pursuant to titles II and V of the concurrent resolution on the budget for fiscal year 2018.” The information provided refers to the Act by its former and commonly used name: The “Tax Cuts and Jobs Act.” This is a sweeping tax reform law that will entirely change the tax landscape. The legislation reflects the largest major tax reform in over three decades. This comprehensive tax overhaul dramatically changes the rules governing the taxation of individual taxpayers for tax years beginning before 2026, […]

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House Passes Tax Reform Bill

November 17, 2017

On November 16, The House approved its tax reform package—the Tax Cuts and Jobs Bill (HR 1). The Senate is working on its own tax reform bill which, if passed, would require reconciliation with the House version before final legislation can be sent to the White House. Highlights As approved by the House, HR 1 would: —Reduce individual tax rates to a four-tiered structure (12, 25, 35 and 39.6 percent), —Nearly double the standard deduction and eliminate the deduction for personal exemptions; —Cut the mortgage interest deduction cap in half; —Eliminate all state and local tax itemized deductions, except for […]

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New York State Residency Audits: What is Credible Testimony?

November 8, 2017

As seen in the TAXSTRINGER By Brian Gordon, CPA There are two different ways a person can be considered a resident of New York State or New York City for tax purposes. The first way is to be deemed “domiciled” in New York. Depending on the circumstances, an analysis to determine domicile can be complex—but generally, you are domiciled in New York City or New York State if it is your place of primary residence. Some of the things considered are the size and value of your residences, the amount of time spent at each location, proximity to business ties, […]

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NYS Department of Health Grants for Healthcare Organizations

July 17, 2017

Understanding the Grant Application Process and How To Be Best Prepared to Participate Many health care providers, including healthcare systems, hospitals, group practices, nursing homes, diagnostic and treatment centers, and home health agencies may be eligible for significant grants that periodically become available through various government funded programs.  Two such programs administered by the New York State Department of Health (“DOH”) were the Vital Access Provider Program (“VAP”) and the Statewide Healthcare Facility Transformation Program (”Facility Transformation Program”).  The VAP program, which was announced in December 2013, provided funding in excess of $375 million, and the Facility Transformation Program, which was […]

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Forensic Statement Analysis – The Art and Science of Analyzing Words

June 28, 2017
Wouldn't it be great if we could become human lie detectors? Being able to tell if someone is lying to you is an important skill to have during an investigation. Groucho Marx, known as a master of quick wit, was quoted as saying, "There's one way to find out if a man is honest-ask him. If he says 'yes,' you know he is a crook." However, individual personalities are complicated, and, when investigating an individual, the responses that are received may not be forthright and credible. Some people are skilled in deception; remember what our parents taught us-practice makes perfect!... More [+]

The Next Generation Audit Opinion

May 10, 2017

The AICPA significantly changed their standard audit opinion in 2012 for U.S. nonpublic entities. The International Auditing and Assurance Standards Board (“IAASB”) substantially updated their international audit reports in early 2015 and the Public Company Accounting Oversight Board (“PCAOB”) recently presented proposed wide changes to their U.S. public company audit reports in late 2016. In a sophisticated game of leapfrog, the AICPA is again considering an overhaul of the auditor’s standard report for all U.S. nonpublic audits in order to converge to many of the IAASB changes and certain of the PCAOB changes. A working draft of the U.S. audit […]

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